BANGKOK - The Bank of Thailand in a unanimous decision today maintained its interest policy rate steady at 1.50%. It also changed its growth and inflation forecasts – the growth forecast was modestly raised, the inflation forecast lowered more meaningfully.
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SINGAPORE - Countries that suffered in the Asian Financial Crisis 20 years ago have substantially reduced their external vulnerabilities and improved risk management over the past two decades, but high asset prices and rapid credit growth in recent years are reminiscent of conditions that prevailed when the Thai baht's peg broke on July 2, 1997, S&P Global Ratings says in report published today.
BEJING - Visiting Chinese President Xi Jinping and his Russian counterpart, Vladimir Putin, met here Monday and agreed to further cement bilateral ties and strengthen coordination on the Korean Peninsula and other major issues, accosrding to the State newsagency Xinhua.
“China and Russia are comprehensive strategic partners of co-ordination, and it is quite important for them to intensify communication and co-ordination in dealing with major affairs, said Xi, who had a meeting with Putin in the Kremlin shortly after his arrival in Moscow,” said the Xinhua report.
BEIJING - China hopes the United States will appropriately address issues regarding Taiwan by honouring the one-China policy and the three key bilateral joint statements made to date, President Xi Jinping told US President Donald Trump in a telephone conversation on Monday, ac cording to the China Daily.
HONG KONG - China’s official manufacturing PMI (released last Friday) picked up significantly to 51.7 in June from 51.2 in May, well above market expectations (consensus: 51), and following the same trend, the Caixin China Manufacturing PMI announced today, which includes a survey sample tilting toward SMEs and exporters, increased to 50.4 in June from 49.6 the previous month (Ccnsensus: 49.8).
HONG KONG — Commodity prices fell for the fourth month in a row in June, with HSBC’s proxy for the IMF Index pointing to a fall of around 4% m-o-m. The weakness was broad-based, with 21 of the 32 commodities HSBC monitors having a lower average price than in May.
SINGAPORE - The surprising acceleration in China’s manufacturing PMI in June was mainly due to higher production and the new order sub-indices, which disguised an imbalanced recovery across sectors, according to ANZ Bank.
BEIJING - A Chinese operator of unmanned convenience stores has secured RMB30 million (US$4.4 million) in its latest fundraising round, Caixin reports. The stores, which serve customers without shop assistants, have become an emerging business model that many insiders see as the future of retail.
BEIJING - China announced yesterday that it will use a “negative list” management approach for all foreign investment, open up more sectors and further relax restrictions for foreign businesses. State newsagency Xinhua reported that, from July 28, the negative list approach, which identifies sectors and businesses that are off limits or restricted, will be implemented nationwide.
BEIJING - China has questioned Europol allegations that the Chinese Mainland and Hong Kong are the world centres for fake goods, saying it might be an excuse for protectionism. The State newsagency Xinhua quoted Zhao Ping, of the China Council for the Promotion of International Trade, as saying: “It may be convincing that they have figures for fake Chinese products in Europe, but it is suspicious that they calculated fake products in China and even China’s share of global fake products.”
HONG KONG – The Hong Kong Stock Exchange and The Chinese Gold and Silver Exchange Society (CGSE) today signed an MOU to consider co-operation on matters ranging from product promotion to storage vaults.
BANGKOK – A Royal Decree effective June 23 cancels and replaces existing legislation regulating foreigners working in Thailand. The new legislation cites an urgent need to address current problems with foreigners working in Thailand - and to tackle human trafficking issues.
SHANGHAI - China and India will account for almost half of all new mobile subscribers expected to be added worldwide by the end of the decade, according to a new GSMA study. The 2017 edition of the GSMA’s ‘Mobile Economy: Asia Pacific’ report, forecasts that India will account for 27% (206 million) and China 21% (155 million) of the approximately 753 million new mobile subscribers expected to be added globally by the end of 2020.
HONG KONG – The Hong Kong Stock Exchange has appointed China Exchanges Services Company Limited (CESC), a joint venture of HKEX, Shanghai Stock Exchange and Shenzhen Stock Exchange, to explore a Belt and Road Index in response to market interest in a barometer for the Mainland’s Belt and Road Initiative.
KUALA LUMPUR – Ratings agency Standard and Poor’s expects Malaysian authorities to continue to implement prudent budgetary and economic policies, with the country's economy to grow at an average rate of over 4% between now and 2020. “Stocks of public and private debt, and contingent public liabilities are
considerable, but overwhelmingly denominated in the domestic currency, S&P says.
HONG KONG – Global asset manager Natixis has released its second China Corporate Monitor, which analyses the corporate health of China’s 3,000 largest listed companies, and compares them with global peers. This report is is seen as timely because many of these corporates will soon be part of the MSCI index.